Rupee ends weaker at 90.73/80 to dollar
In the currency market, the rupee ended weaker at 90.73/80 to the dollar compared to its close of 90.68/75 on Wednesday due to increased import payments, especially for oil.
Dealers expect some pressure on the rupee because of rising global oil prices. Oil was trading close to $125 a barrel on Thursday.
The rupee had been supported this week by remittances from overseas Pakistanis which rose 23.4 percent to $8.59 billion in the first eight months of the 2011/12 fiscal year, compared with $6.96 billion in the same period last year.
The rupee touched a record low of 91.28 to the dollar in January, dragged down by concerns over higher payments for oil imports and Pakistan's overall economic health.
There was also concern on the trade deficit, which widened by 41 percent to $14.6 billion in the first eight months of the2011/12 fiscal year, compared with $10.34 billion in the same period the previous year, the Pakistan Bureau of Statistics reported.
Exports in the July-Feb period totaled $15.19 billion, and imports were $29.79 billion.
In the money market, overnight rates fell to 9.10 percent, compared with the previous day's close of 11.90 percent, despite net scheduled outflows of 25 billion rupees ($275.50 million).